Retaining Top Talent: Insights and Strategies

Did you know according to a recent LinkedIn study that while 79% of workers are satisfied with their current jobs, 86% remain open to new opportunities?

This highlights a workforce that, although content, is still curious about potential career advancements.

As employers, what can we do to retain our top talent?

Studies say replacing an employee can cost up to four times their annual salary. Hidden costs, such as lowered productivity, reduced work quality, morale dips, and loss of company knowledge, can further strain an organization. Plus, it can take new hires one to two years to really hit their stride, causing potential delays and impacting the company's bottom line.

The main reasons folks leave often boil down to feeling undervalued, dealing with a toxic work culture, hitting a growth ceiling, poor leadership, or feeling like their paycheck doesn’t match their efforts

We recently heard a story from a colleague about someone who resigned because they felt undervalued, despite liking other aspects of the company. They did an exit interview, sure, but what if the company had regular chats about concerns and possible new paths within the organization? They might have stayed.

To reduce turnover, one effective and easy-to-implement strategy is conducting stay interviews— one-on-one conversations where employees provide honest feedback on motivations, what could make their job better, and where they see themselves going. Turns out, more and more companies are catching on to this. Nonprofit HR found that the use of stay interviews jumped from 33% in 2022 to 46% in 2023. To be successful, it’s also important to note who conducts these interviews. They should be personal conversations between employees and their direct managers, not HR.

Here are ten critical stay interview questions:

1. What do you look forward to at work each day?
2. What aspect of your job do you wish you could change?
3. Are there talents you have that you don’t get to use in your position?
4. What factors contribute to you doing your best work?
5. How could your work-life balance be improved?
6. What situations have made you consider resigning?
7. What could the company improve about employee recognition?
8. What are your long-term career goals?
9. How can we continue to support your career growth and development?
10. What feedback do you feel would be helpful that you aren't currently receiving?

How often should you conduct a stay interview?

Our suggestion is semi-annually if not quarterly discussions, keeping those lines of communication open. For more insight on stay interviews: https://www.applauz.me/resources/stay-interviews

Thank you to Madeline Nelson Nelson for sharing your insights and expertise on stay interviews!